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By Benedicte Gravrand, Opalesque London:
Dexia Asset Management, the large Paris-headquartered fund house, confirmed the launch of two new products during a recent road-show: a French UCITS fund called the Dexia Long/Short Equity, managing around €15m (US$22m); and the Dexia Fund Alpha Commodities, a Luxembourg-domiciled fund that is just starting to gather assets, reported NewsManagers.com last week.
Dexia plans to launch one more fund imminently; the Dexia Diversified Futures fund, another French UCITS III.
Dexia A.M.'s alternative funds currently manage €5.5bn (US$8.1bn), compared to €4.5bn at the end of March, and €5bn at the end of Dec-08. It manages 30 funds, of which 22 hedge funds under the OPCVM III Directive (OPCVM are investment funds which must follow rules on diversification, liquidity, leverage, the kind of instruments they can invest in, and which, once authorised, can be sold to the retail market in the EU).
Dexia's strategy has been to be become more flexible and more stable, leading to less outperformance in upside periods - as opposed to directional strategies using leverage. In 2008, 9 of the 12 strategies returned positive numbers. This year, only one strategy showed a net loss.
Hedge fund managers are returning to simplicity
The hedge fund industry has gone back to its roots and has reduced AuM (-23%) and number of funds (-12%) since January 2007, according Dexia (...................... To view our full article Click here
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